Summit Bancorp
| Industry | Banking |
|---|---|
| Founded | 1899 |
| Defunct | 2001 |
| Fate | Acquired by FleetBoston Financial |
| Headquarters | Summit, New Jersey |
Key people | T. Joseph Semrod, Chairman, CEO & President William J. Healy, CFO |
| Revenue |  $1.266 billion (2013) |
 $0.471 billion (2013) | |
| Total assets | $36.379 billion (1999) |
| Total equity | $2.802 billion (1999) |
Number of employees | 8,673 |
| Footnotes / references [1] | |
Summit Bancorp was a bank based in Summit, New Jersey, that operated in New Jersey, Pennsylvania, and Connecticut. In 2001, it was acquired by FleetBoston Financial.
History
[edit]The bank was organized in 1899.[1] In 1909, the bank was reorganized as The Summit Trust Company (see https://www.encyclopedia.com/books/politics-and-business-magazines/summit-bancorporation)
In 1968, the bank organized a Pennsylvania entity.[1]
In 1994, the company acquired the Bankers Corporation and the Crestmont Financial Corporation.[2]
In 1995, the company was acquired by UJB Financial Corporation, who had been doing business as United Jersey Bank. The combined bank continued to do business as Summit Bank after the merger.[3]
In 1996, the company acquired B.M.J. Financial Corporation for $164.5 million in stock.[4]
In 1997, the company acquired Collective Bancorp.[5]
In 1998, the company acquired NSS Bancorp and New Canaan Bank and Trust Company.[6]
In February 1999, the company acquired Prime Bancorp.[7]
In November 1999, the company announced layoffs of 250 people.[8]
In 2001, the company was acquired by FleetBoston Financial for $7 billion in stock.[9] As part of the transaction, the company's trust business was sold to The Bank of New York Mellon.[10] In 2004, Fleet was acquired by Bank of America.
References
[edit]
- ^ a b c "Summit Bancorp 1999 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "PURCHASE OF BANK HOLDING UNIT IN NEW JERSEY SET". The New York Times. September 24, 1994.
- ^ "Summit Bancorp, UJB Financial to Merge in $1.2-Billion Deal". Los Angeles Times. September 12, 1995.
- ^ "SUMMIT BANCORP TO BUY B.M.J. FINANCIAL". The New York Times. Bloomberg News. August 30, 1996.
- ^ "Summit Bancorp Buying Collective Bancorp". The New York Times. Bloomberg News. March 1, 1997.
- ^ "SUMMIT BANCORP TO ACQUIRE NEW CANAAN BANK AND TRUST". The New York Times. Dow Jones & Company. August 26, 1998.
- ^ "Prime Bancorp Soars on News Of Purchase by Summit Bancorp". The Wall Street Journal. February 19, 1999.(subscription required)
- ^ "250 Jobs to Be Cut By Summit Bancorp". The New York Times. Bloomberg News. November 5, 1999.
- ^ "FleetBoston to Buy Summit Bancorp for $7 Billion in Stock". The New York Times. Bloomberg News. October 2, 2000.
- ^ "Summit Bancorp trust business sold to Bank of NY". American City Business Journals. March 6, 2001.
